Inherited IRA Issues in North Carolina

Posted on: March 21st, 2017

Inherited IRAs face differing regulation based on whether the beneficiary is a spouse or a non-spouse. Marital status also influences how North Carolina’s intestate succession law applies to an estate, which may pertain to retirement accounts. FINRA released an Investor Alert early this year advising IRA beneficiaries to review inherited IRA tax implications....

Caveat to IRA Contributions

Posted on: September 28th, 2016

Retirement account owners should be aware of a requirement that must be fulfilled in order to contribute to an individual retirement account: compensation income. Annual contribution limits for retirement accounts are common knowledge, but account owners don’t often consider that the ability to contribute is conditional....

Inherited IRA Ruling: Distinctions Between Federal and State Tax Law

Posted on: July 22nd, 2016

Our attorneys strive to share notable rulings and case law to help clients and other advisers understand how a court or officials might respond to a particular set of circumstances. In early June 2016, Private Letter Ruling 201623001 rejected a woman’s request to rollover part of her son’s inherited IRAs....

North Carolina Retirement Concerns

Posted on: May 7th, 2015

Climate, cost of living, and amenities generally affect an individual’s retirement destination choice. North Carolina’s convenient location between major cities like Atlanta and Washington, D.C. make it attractive to seniors who might want to move but stay close to family in metropolitan areas. Financially, North Carolina became even more attractive for retirement in 2012, when...

Inherited IRA Distributions Might Face Changes

Posted on: March 14th, 2015

Inherited Individual Retirement Accounts (IRAs) experienced a see-saw effect with bankruptcy for years. Last year the federal government ruled that IRAs are not protected from federal bankruptcy claims. A year prior in 2013, North Carolina lawmakers passed Senate Bill 279, which protects inherited IRAs from state bankruptcy claims. Complications surface for North Carolina residents owning...

Protecting IRA Assets for Beneficiaries: IRA Beneficiary Trusts

Posted on: October 23rd, 2014

Earlier this year the Supreme Court ruled in Clark v. Rameker that inherited retirement accounts are subject to bankruptcy claims. As a result of this ruling, IRA owners are taking steps to ensure assets accumulated over a lifetime are protected for loved ones. ...